INSUBCONTINENT EXCLUSIVE:
needs.
Household savings also declined as consumers spent more in purchasing durables and travelling
gross domestic product in fiscal 2019 from 34.6 per cent in fiscal 2012, and 36 per cent in 2007-08, data from the Central Statistical
The previous low was 29 per cent in 2003-2004
As a per cent of GDP, household savings fell from 23 per cent in 2012, to 18 per cent last year.
A falling savings rate could lead to Indian
$543 billion, from $475 billion in 2015, data from RBI shows.
Economists also attribute the current slowdown in the economy partly to the
economies and other emerging market peers, India stands out favourably
Brazil has a savings rate of 16 per cent of GDP, Mexico 23 per cent, and the Philippines 14.2 per cent
But bigger rival China is at 46 per cent, data with the World Bank shows.
